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      March 30, 2017

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  1. Quicken Loans
  2. The Easy Loan Site
  3. Loan App
  4. Rate Marketplace
  5. Mortgage Srch 123
  6. Lower My Bills

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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

 

 

 

 

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Mortgage Refinance Better Business Bureau Reliability Seal

Best Mortgage Refinance Companies

When is it a good time to refinance your mortgage? If your existing mortgage rate is higher than the current rate for your credit score and mortgage type, you need to explore it. Would you like to lower your mortgage payment to make your house more affordable? Are you considering updates to a kitchen or a bathroom, and want to get some extra cash to afford them?

Before you stop off at the local bank to discuss home refinancing you should consider comparing refinance options online. Just visiting your local bank won't give you your best rate, which means you'll pay more. Refinancing your home through an online mortgage refinance company lets you quickly find the best rate given your credit worthiness, loan size and type.

Continue reading below reviews

2017

Mortgage Refinance Reviews

5 stars
Lending Tree

LENDING TREETopConsumerReviews.com Best-In-Class Blue Ribbon Award

In business since 1996, Lending Tree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make Lending Tree stand ahead of their competition. Read More... Visit
Site

4 stars
Quicken Loans

QUICKEN LOANS

Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans.
Read More... Visit
Site

3 stars
The Easy Loan Site

THE EASY LOAN SITE

The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide. Read More... Visit
Site

3 stars
Loan App

LOAN APP

In business since 1992, Loan App matches customers with up to 4 lenders to help meet their personal refinance needs. The Loan App website was missing important information about the company, the refinance process, the lender network and any associated fees. Read More... Visit
Site

2 stars
Rate Marketplace

RATE MARKETPLACE

Rate Marketplace promises to match loan refinance companies with borrowers. However, what we found was that they simply sent us on to other mortgage referral companies. We felt this was both frustrating and a waste of our time. For those seeking assistance finding a competitive refinance loan, we recommend you choose a higher rated company on our list.
Read More... Visit
Site

1.5 stars
Mortgage Search 123

MORTGAGE SEARCH 123

Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure. Read More... Visit
Site

1 star
Lower My Bills

LOWER MY BILLS

Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information.
Read More... Visit
Site

Continued from above

The best refinance companies allow several banks to compete for your loan, in order to provide you the lowest mortgage payment. They save you the hassle of calling several banks and lending institutions, and completing multiple refinance applications.

But not all online mortgage refinance brokers are the same. Before you start your search you should consider the following:

  • Number of Lenders.  How many banks and lenders does the company work with to find you the best rate? The larger the number, the more likely you'll receive the best rate.
  • Application process.  What is the process of gathering the information needed to begin the mortgage search?
  • Timeliness.  Are you going to have to wait for a call to discuss all of the necessary details, or will the online application expedite the process and provide you the details you're looking for?

TopConsumerReviews.com has reviewed and ranked the best online mortgage refinance providers available today. We hope these reviews help you as you decide to refinance your mortgage!

Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.

 

What's The Best Way To Pay Mortgage Refinance Closing Costs?

The most obvious way to pay is probably to just show up at the title company with a check to cover the lender charges, title insurance and escrow fees, appraisals and everything else. So your refinance loan amount should be almost exactly the same as the ...

Published:  Fri, 24 Mar 2017 06:40:00 GMT



How to Get the Best Mortgage Refinance Rates

Homeowners who refinanced a $200,000 mortgage in the first quarter of 2015 have already saved thousands of dollars, according to Freddie Mac. Unfortunately, many other homeowners have not taken advantage of the recent low interest rates -- and their ...

Published:  Sat, 25 Mar 2017 04:06:00 GMT



Investors in equities lose N2.3trn to bonds, others

Also, in October 2015, the securities exchange achieved another feat with the listing of N8 billion Nigeria Mortgage Refinance Company (NMRC) bond on its platform. The Chief Executive Officer of NMRC, Prof. Charles Inyangete, explained that the successful ...

Published:  Thu, 23 Mar 2017 23:34:00 GMT



First American: Fraud and misrepresentation grew in February

"This month, the Loan Application Defect Index surged higher as rising mortgage rates continue to put downward pressure on lower risk mortgage refinance activity," First American Chief Economist Mark Fleming said. "The March rate increase by the ...

Published:  Fri, 24 Mar 2017 12:28:00 GMT



Housing markets continue to show strength even as interest rates tick up

Prepayment speeds, typically a strong indicator of mortgage refinance activity, plummeted 40 percent since the beginning of the year. Black Knight directly relates this to the higher interest rates. February's single month prepayment rate was the lowest ...

Published:  Tue, 28 Mar 2017 11:07:00 GMT



Credit Applications Decrease, Reflecting Consumers' Credit Fears

The most notable change was a drop in the average likelihood of applying for a mortgage refinance, which dropped from 12.2 percent in October to 8.4 percent. For those who did apply for a mortgage refinance loan, most were approved as rejection rates declined.

Published:  Mon, 20 Mar 2017 01:00:00 GMT



Defect, Fraud and Misrepresentation Risk Surges Higher As Mortgage Rates Rise, According to First American Loan Application Defect Index

"This month, the Loan Application Defect Index surged higher as rising mortgage rates continue to put downward pressure on lower risk mortgage refinance activity. The March rate increase by the Federal Open Market Committee and strong economic ...

Published:  Fri, 24 Mar 2017 16:34:00 GMT



One-third of Americans say they'd have trouble coming up with an emergency $2,000

Perhaps less surprising, with the rise in mortgage rates, is the decreased desire to refinance mortgages. The likelihood of applying for a mortgage refinance over the next 12 months fell to 8.4% in February from 12.2% in October.

Published:  Mon, 20 Mar 2017 09:53:00 GMT



Mortgage Refinance Options for People With Bad Credit

Low mortgage interest rates have created a great opportunity for many homeowners to refinance their mortgages, resulting in lower monthly payments or extra cash to pay off debts. The options are limited. The 2008 housing crisis was a result of exceptions ...

Published:  Wed, 29 Jun 2016 10:47:13 GMT



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